My goal is to find raw land, take it through the engineering and entitlement process, and sell approved preliminary plats to developers that will finish physical improvements. 

They are buying it in today's physical condition, which includes the "catch up" assessment.

This can be invaluable in assessing potential deals.Hands-on Due Diligence: While you might not be active in the management of the property, being nearby allows you to physically inspect potential investments, meet with property managers, or address significant concerns promptly.Local Networking: Your network of local contacts – from agents to contractors – can provide an edge in sourcing and managing investments.Quicker Response Time: In the event of an emergency or significant event at your property, proximity can be beneficial.Emotional Comfort: There's a sense of pride and security in investing in one's community, contributing to its growth and well-being.Cons of Investing in Your Backyard:Limited Diversification: Investing solely in one geographic area can expose you to localized economic downturns or natural disasters.Potential for Emotional Decisions: Being too close to your investment might make you susceptible to making decisions based on emotions rather than solid financial reasoning.Over Familiarity: Sometimes, being too familiar with an area can lead to presumptions or taking things for granted.

Nothing can ruin your vacation quicker than having guest issues that you physically need to be there for.

You can add value literally by just raising rents or reducing expenses such as by appealing tax assessments without changing the physical property at all!

I just had a demo call with them, and to my taste this could be a great resource if you're planning on doing physical marketing on highly motivated seller.

Former owner will fix little physical issues in backyard pool.

On larger properties (100+ units), we try to keep $1K per door minimum.You have 95% Physical Occupancy or 5% Physical Vacancy.  

My one main concern is the physical strength of the building, in the sense, can you convert to a self storage facility from a building that has a basement?

No physical harm to anyone in the building which is good.Any ideas or thoughts as to what I should watch out for?